Part of a package of three bills in relation to Australia’s foreign investment framework, the bill amends the:

Foreign Acquisitions and Takeovers Act 1975

to: provide a statutory basis for the requirements that apply to foreign government investors; enable the transfer to the Australian Taxation Office of responsibility for administering certain aspects of regulating foreign investment, including residential real estate; introduce civil and criminal penalties; enable the lowering of screening thresholds for investments in the agricultural sector; provide for fees to be payable for foreign investment applications; amend the long title of the Act; and make amendments consequential on the

Part of a package of three bills in relation to Australia’s foreign investment framework, the bill establishes a Register of Foreign Ownership of Agricultural Land to be administered by the Commissioner of Taxation.

to exempt Australian-owned private companies from the requirement that the Commissioner of Taxation publish certain tax information in relation to corporate tax entities that report total income above $100 million.

to enable a trial of cashless welfare arrangements by disbursing 80 per cent of certain social security payments to a restricted bank account, accessed by a debit card which does not allow cash withdrawals; and

to: transfer responsibility for the management and resolution of aged care complaints from the Secretary of the Department of Social Services to the Aged Care Commissioner; rename the Aged Care Commissioner to the Aged Care Complaints Commissioner; and make consequential amendments; and

Facilitates Australia’s membership of the Asian Infrastructure Investment Bank (AIIB) by: providing authority and an appropriation for the payment of Australia’s capital contribution to the AIIB; enabling the minister to issue promissory notes to the AIIB; and enabling regulations to confer certain privileges and immunities.

to: extend to seven years the period before funds held by authorised deposit-taking institutions (ADI) and life insurance providers are treated as unclaimed moneys; and provide only authorised access to information on unclaimed moneys;

Banking Act 1959

to: exempt ADI accounts created for children and those that are held in a foreign currency from the unclaimed money provisions; remove the requirement for the Australian Securities and Investment Commission to publish details of unclaimed moneys in the Unclaimed Moneys Gazette; and expand the circumstances in which account holders can keep their ADI accounts active; and